A cryptocurrency analyst who accurately identified the price floor of Bitcoin (BTC) during the 2018 bear market is suddenly expressing a bearish view on Solana (SOL).
Bluntz, a pseudonymous analyst, told his 239,000 followers on social media platform
According to Bluntz, Solana could lose more than 10% of its value from current levels before bottoming and resuming its upward trend.
“Daily (5 waves) uptrend is seen for SOL and bearish SFP (swing failure pattern).
The HTF (high time frame) structure still looks good, but don’t be surprised if we see a return to the low $80s from here.”
Bluntz practices Elliott Wave theory, a technical analysis approach that attempts to predict future price movements by following herd psychology, which tends to appear in waves. The theory is that bullish assets experience a five-wave surge before entering a three-wave correction period.
Looking at the trader’s charts, it seems to suggest that SOL has completed a 5-wave rally and is currently in the process of a 3-wave decline.
Bluntz also pointed out that yesterday’s daily candlestick looks like a swing-failure pattern where SOL bulls attempted to drive prices higher, but were negated by selling pressure.
As of this writing, SOL is worth $100, down more than 6% from yesterday’s high of $106.14.
The cryptocurrency strategist is also looking at the price movement of Solana’s competitor, Sei (SEI). According to Bluntz, SEI has completed the ABC correction on the 4-hour chart and is now poised for a big rally.
“SEI has been accumulating vertically for a week.
Hurry up and mail it in for $1.”
As of this writing, SEI is trading at $0.692.
Lastly, Bluntz is predicting a rally in meme asset dogwifhat (WIF). Analysts believe WIF’s consolidation is complete and poised for further upside.
“Imagine if you thought the WIF deal was dead and you didn’t think it was going to go up to the right.”
As of this writing, WIF is trading at $0.282, suggesting a nearly 400% upside potential if Memcoin reaches analysts’ target of $1.40.
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